Rule 497 (k)
                                                             File No. 333-140895


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                                  AlphaDEX(R)
                                       Family of ETFs

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SUMMARY PROSPECTUS

First Trust Small Cap Value AlphaDEX(R) Fund

Ticker Symbol:        FYT
Exchange:             NYSE Arca, Inc.





Before you invest, you may want to review the Fund's prospectus, which contains
more information about the Fund and its risks. You can find the Fund's
prospectus and other information about the Fund, including the statement of
additional information and most recent reports to shareholders, online at
http://www.ftportfolios.com/retail/ETF/ETFfundnews.aspx?Ticker=FYT. You can also
get this information at no cost by calling (800) 621-1675 or by sending an
e-mail request to info@ftportfolios.com. The Fund's prospectus and statement of
additional information, both dated November 30, 2012, are all incorporated by
reference into this Summary Prospectus.



INVESTMENT OBJECTIVE

The First Trust Small Cap Value AlphaDEX(R) Fund (the "Fund") seeks investment
results that correspond generally to the price and yield (before the Fund's fees
and expenses) of an equity index called the Defined Small Cap Value Index (the
"Index").





FIRST TRUST                                                    November 30, 2012
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FEES AND EXPENSES OF THE FUND

The following table describes the fees and expenses you may pay if you buy and
hold Shares of the Fund. Investors purchasing and selling Shares may be subject
to costs (including customary brokerage commissions) charged by their broker.



                                                                                                      
    SHAREHOLDER FEES (fees paid directly from your investment)
    Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)                  None
    ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the
          value of your investment)
      Management Fees                                                                                    0.70%
      Distribution and Service (12b-1) Fees                                                              0.00%
      Other Expenses                                                                                     0.00%
                                                                                                       --------
      Total Annual Fund Operating Expenses                                                               0.70%


   EXAMPLE

   The example below is intended to help you compare the cost of investing in
   the Fund with the cost of investing in other funds. This example does not
   take into account customary brokerage commissions that you pay when
   purchasing or selling Shares of the Fund in the secondary market.

   The example assumes that you invest $10,000 in the Fund for the time periods
   indicated and then you retain the Shares or sell all of your Shares at the
   end of those periods. The example also assumes that your investment has a 5%
   return each year and that the Fund's operating expenses remain at current
   levels. Additionally, the example assumes that the Fund imposes a 12b-1 fee
   of 0.25% per annum of the Fund's average daily net assets following November
   30, 2013. Although your actual costs may be higher or lower, based on these
   assumptions your costs would be:

          1 YEAR             3 YEARS            5 YEARS           10 YEARS
            $72               $269               $493              $1,135

   PORTFOLIO TURNOVER

   The Fund pays transaction costs, such as commissions, when it buys and sells
   securities (or "turns over" its portfolio). A higher portfolio turnover rate
   may indicate higher transaction costs and may result in higher taxes when
   Shares are held in a taxable account. These costs, which are not reflected in
   annual fund operating expenses or in the example, affect the Fund's
   performance. During the most recent fiscal year, the Fund's portfolio
   turnover rate was 103% of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

The Fund will normally invest at least 90% of its net assets in common stocks
that comprise the Index. The Fund, using an "indexing" investment approach,
attempts to replicate, before fees and expenses, the performance of the Index.
First Trust seeks a correlation of 0.95 or better (before fees and expenses)
between the Fund's performance and the performance of the Index; a figure of
1.00 would represent perfect correlation. First Trust will regularly monitor the
Fund's tracking accuracy and will seek to maintain an appropriate correlation.

The Index is in the "Defined Index Series," a family of custom enhanced indices
developed, maintained and sponsored by S&P Dow Jones Indices LLC ("S&P" or an
"Index Provider"). The Index is a modified equal-dollar weighted index designed
by S&P to objectively identify and select stocks from the S&P SmallCap 600(R)
Value Index that may generate positive alpha relative to traditional
passive-style indices through the use of the AlphaDEX(R) selection methodology.
Alpha is an indication of how much an investment outperforms or underperforms on
a risk-adjusted basis relative to its benchmark. As of July 31, 2012, the Index
was comprised of 269 securities and the market capitalization range represented
in the Index was $80 million to $3.2 billion. The Index is rebalanced and
reconstituted as of the last business day of each calendar quarter. Changes to
the Index will be effective at the open of trading on the sixth business day of
the following month.

PRINCIPAL RISKS

You could lose money by investing in the Fund. An investment in the Fund is not
a deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other governmental agency.

MARKET RISK. Market risk is the risk that a particular stock owned by the Fund,
Shares of the Fund or stocks in general may fall in value. Shares are subject to
market fluctuations caused by such factors as economic, political, regulatory or
market developments, changes in interest rates and perceived trends in stock
prices. Overall stock values could decline generally or could underperform other
investments. Companies with smaller market capitalizations are generally subject
to additional market risk.





NON-CORRELATION RISK. The Fund's return may not match the return of the Index
for a number of reasons. For example, the Fund incurs operating expenses not
applicable to the Index, and may incur costs in buying and selling securities,
especially when rebalancing the Fund's portfolio holdings to reflect changes in
the composition of the Index. In addition, the Fund's portfolio holdings may not
exactly replicate the securities included in the Index or the ratios between the
securities included in the Index.

REPLICATION MANAGEMENT RISK. The Fund is exposed to additional market risk due
to its policy of investing principally in the securities included in the Index.
As a result of this policy, securities held by the Fund will generally not be
bought or sold in response to market fluctuations and the securities may be
issued by companies concentrated in a particular industry. Therefore, the Fund
will generally not sell a stock because the stock's issuer is in financial
trouble, unless that stock is removed or is anticipated to be removed from the
Index.

NON-DIVERSIFICATION RISK. The Fund is classified as "non-diversified" under the
Investment Company Act of 1940, as amended (the "1940 Act"). As a result, the
Fund is only limited as to the percentage of its assets which may be invested in
the securities of any one issuer by the diversification requirements imposed by
the Internal Revenue Code of 1986, as amended (the "Code"). The Fund may invest
a relatively high percentage of its assets in a limited number of issuers.

INDEX TRACKING RISK. You should anticipate that the value of Fund Shares will
decline, more or less, in correlation with any decline in the value of that
Fund's Index.

VALUE INVESTMENT STYLE RISK. Value companies may have experienced adverse
business developments or may be subject to special risks that cause their
securities to be out of favor, may never reach what may be their full value or
may go down in price.

MARKET CAPITALIZATION RISK. The Fund normally invests at least 90% of its assets
in common stocks that comprise the Index. The securities of companies
represented in the Index generally have market capitalizations that are
consistent with the name of the Index. For purposes of determining the market
capitalization range of such securities, the Fund will use the current range of
the Index. However, the Fund will not be forced to sell a stock because the
stock has exceeded or fallen below the current market capitalization range of
the Index. Because of market movement, there can be no assurance that the
securities in the Fund will stay within a given market capitalization range. As
a result, the Fund may be exposed to additional risk or may not give investors
the opportunity to invest fully in a given market capitalization range. Because
the Fund invests in small capitalization companies, the Fund is more vulnerable
to adverse general market or economic developments, may be less liquid, and may
experience greater price volatility than larger, more established companies.

SMALLER COMPANY RISK. The Fund invests in small capitalization companies. Such
companies may be more vulnerable to adverse general market or economic
developments, and their securities may be less liquid and may experience greater
price volatility than larger, more established companies as a result of several
factors, including limited trading volumes, products or financial resources,
management inexperience and less publicly available information. Accordingly,
such companies are generally subject to greater market risk than larger, more
established companies.

ANNUAL TOTAL RETURN

The Fund has not yet operated for a full calendar year and, therefore,
performance information is not included in this section of the Prospectus. See
"Total Return Information" for performance information regarding the Fund.

MANAGEMENT

   INVESTMENT ADVISOR
   First Trust Advisors L.P. ("First Trust")

   PORTFOLIO MANAGERS
   The Fund's portfolio is managed by a team (the "Investment Committee")
   consisting of: Daniel J. Lindquist, Chairman of the Investment Committee and
   Senior Vice President of First Trust; Jon C. Erickson, Senior Vice President
   of First Trust; David G. McGarel, Chief Investment Officer and Senior Vice
   President of First Trust; Roger F. Testin, Senior Vice President of First
   Trust; and Stan Ueland, Vice President of First Trust. Each Investment
   Committee member has served as a part of the portfolio management team of the
   Fund since inception.

PURCHASE AND SALE OF FUND SHARES

The Fund issues and redeems Shares on a continuous basis, at NAV, only in
Creation Units consisting of 50,000 Shares. The Fund's Creation Units are issued
and redeemed principally in-kind for securities included in the Fund's
portfolio. Individual Shares may only be purchased and sold on NYSE Arca through
a broker-dealer. Shares of the Fund will trade on NYSE Arca at market prices
rather than NAV, which may cause the Shares to trade at a price greater than NAV
(premium) or less than NAV (discount).

TAX INFORMATION

The Fund's distributions are taxable and will generally be taxed as ordinary
income or capital gains.





PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES

If you purchase the Fund through a broker-dealer or other financial intermediary
(such as a bank), First Trust and First Trust Portfolios L.P., the Fund's
distributor, may pay the intermediary for the sale of Fund Shares and related
services. These payments may create a conflict of interest by influencing the
broker-dealer or other intermediary and your salesperson to recommend the Fund
over another investment. Ask your salesperson or visit your financial
intermediary's website for more information.


                                                                    FYTSP0113012